DraftKings Inc. (NASDAQ:DKNG) Shares Acquired by Toronto Dominion Bank

Toronto Dominion Bank lifted its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 44.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 99,784 shares of the company’s stock after buying an additional 30,779 shares during the quarter. Toronto Dominion Bank’s holdings in DraftKings were worth $3,712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vestmark Advisory Solutions Inc. increased its holdings in shares of DraftKings by 27.7% in the 4th quarter. Vestmark Advisory Solutions Inc. now owns 120,684 shares of the company’s stock valued at $4,766,000 after acquiring an additional 26,164 shares during the last quarter. Bryn Mawr Capital Management LLC bought a new position in shares of DraftKings during the fourth quarter valued at approximately $874,000. Highland Capital Management LLC bought a new position in DraftKings in the 4th quarter worth approximately $1,086,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in DraftKings by 18.2% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,428 shares of the company’s stock worth $1,467,000 after buying an additional 6,059 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its holdings in DraftKings by 30.4% in the 4th quarter. Foundations Investment Advisors LLC now owns 51,741 shares of the company’s stock worth $1,925,000 after buying an additional 12,074 shares in the last quarter. 37.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Cfra Research upgraded DraftKings to a “moderate buy” rating in a research report on Monday, April 14th. Wells Fargo & Company increased their price objective on DraftKings from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Needham & Company LLC restated a “buy” rating and issued a $65.00 target price on shares of DraftKings in a report on Friday, May 9th. Argus set a $60.00 target price on DraftKings in a report on Tuesday, February 18th. Finally, Canaccord Genuity Group upped their price target on shares of DraftKings from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Two investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.04.

DraftKings Trading Down 1.9%

Shares of NASDAQ:DKNG opened at $34.87 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.00 and a current ratio of 0.93. The stock’s 50-day moving average is $35.08 and its 200-day moving average is $39.29. DraftKings Inc. has a 52-week low of $28.69 and a 52-week high of $53.61. The company has a market cap of $31.01 billion, a P/E ratio of -32.90, a P/E/G ratio of 1.43 and a beta of 1.89.

Insider Activity at DraftKings

In other DraftKings news, Director Jocelyn Moore sold 3,420 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $42.00, for a total transaction of $143,640.00. Following the completion of the transaction, the director now owns 1,612 shares in the company, valued at $67,704. This trade represents a 67.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alan Wayne Ellingson sold 6,829 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $36.77, for a total transaction of $251,102.33. Following the transaction, the chief financial officer now owns 171,268 shares of the company’s stock, valued at approximately $6,297,524.36. This represents a 3.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,110,323 shares of company stock worth $84,491,145. Company insiders own 51.19% of the company’s stock.

DraftKings Company Profile

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.